Tron, the twelfth largest cryptocurrency in the world, has a moderately huge fan base and so does its Founder, Justin Sun, whose recent announcement created ripples in the cryptospace and the traditional financial market.

The Tie shared an in-depth analysis of the effects of Justin Sun’s tweet and split it into two parts; the first was a look into the price of TRX/BTT after and before Justin Sun’s announcement, and the second was how the sentiment changed after and before the announcement.

The price of Tron and BitTorrent both saw massive surges after Justin Sun announced that there was something cooking behind the scenes, and that users can expect something big.

Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX $BTT

— Justin Sun (@justinsuntron) May 26, 2019

Price behavior after revealing the announcement | Source: The Tie

The price of Tron surged by ~55% and BTT saw a price surge of 58%, after Justin Sun’s announcement. The sentiment, like the price, immediately saw a massive surge after this ‘mystery’ announcement, both of which can be seen in the charts attached above and below.

Sentiment/Tweet Volume behavior after revealing the announcement | Source: The Tie

The Tie stated,

“On 5/26 at 3:24 AM ET Justin Sun tweets that something huge is going to happen to TRON and BitTorrent and that the news will be shared after June 1st. TRX sentiment spikes (red) and price (blue) jumps 51% within a week in anticipation….  The spike in sentiment corresponds with a massive increase in Twitter conversations (white lines) around TRON. Within a day Twitter conversations around TRX triple.”

On June 3, 2019 at 12:01 PM ET, Justin Sun officially revealed that the ‘mystery’ announcement was that he had won a 3-hour long 20th-anniversary charity lunch with Warren Buffett, and that he would try and convince Buffett to lean towards cryptocurrencies.

I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by @WarrenBuffett. I’ll also invite #blockchain industry leaders to meet with a titan of investment. I hope this benefits everyone. #TRON #TRX #BTT #BitTorrent pic.twitter.com/EMZ4TMhgpR

— Justin Sun (@justinsuntron) June 3, 2019

However, this news soon turned the sentiment negative as the community was underwhelmed by the announcement. The price of TRX and BTT slumped by ~30% each, after this announcement.

Price behavior after revealing the announcement | Source: The Tie

Sentiment/Tweet Volume behavior after revealing the announcement

The Tie concluded,

“While Twitter hype and pumps are not as common now as they were during the ICO boom of 2017, crypto remains the most sentiment driven asset class. In crypto, news breaks on Twitter and the crowds reaction causes massive swings in price, as evidenced by this week… Tweets by large influencers like Justin can cause sudden and large movements within the market. While these moves are not always sustainable they do present traders with interesting opportunities to profit off of short-term volatility.”

The post Tron, BitTorrent Token and general market sentiment dipped after Justin Sun’s Warren Buffett announcement appeared first on AMBCrypto.

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